HFMF vs. ISMF
HFMF (Unlimited HFMF Managed Futures ETF) and ISMF (iShares Managed Futures Active ETF) are both Systematic Trend funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. HFMF charges 0.97%/yr vs 0.80%/yr for ISMF.
Performance
HFMF vs. ISMF - Performance Comparison
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Returns By Period
In the year-to-date period, HFMF achieves a 7.67% return, which is significantly lower than ISMF's 8.37% return.
HFMF
- 1D
- -0.58%
- 1M
- -2.87%
- YTD
- 7.67%
- 6M
- 8.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISMF
- 1D
- 0.83%
- 1M
- 1.62%
- YTD
- 8.37%
- 6M
- 11.16%
- 1Y
- 22.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HFMF vs. ISMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HFMF Unlimited HFMF Managed Futures ETF | 7.67% | 6.34% |
ISMF iShares Managed Futures Active ETF | 8.37% | 13.07% |
Correlation
The correlation between HFMF and ISMF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025 | 0.39 |
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Return for Risk
HFMF vs. ISMF — Risk / Return Rank
HFMF
ISMF
HFMF vs. ISMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and iShares Managed Futures Active ETF (ISMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| HFMF | ISMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 2.17 | -1.18 |
Drawdowns
HFMF vs. ISMF - Drawdown Comparison
The maximum HFMF drawdown since its inception was -10.00%, which is greater than ISMF's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for HFMF and ISMF.
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Drawdown Indicators
| HFMF | ISMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.00% | -4.23% | -5.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.94% | — |
Current DrawdownCurrent decline from peak | -9.89% | 0.00% | -9.89% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -1.27% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.14% | — |
Volatility
HFMF vs. ISMF - Volatility Comparison
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Volatility by Period
| HFMF | ISMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.89% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.33% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 7.92% | +8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.79% | 7.78% | +9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.79% | 7.78% | +9.01% |
HFMF vs. ISMF - Expense Ratio Comparison
HFMF has a 0.97% expense ratio, which is higher than ISMF's 0.80% expense ratio.
Dividends
HFMF vs. ISMF - Dividend Comparison
HFMF's dividend yield for the trailing twelve months is around 2.76%, less than ISMF's 5.75% yield.
| Position | TTM | 2025 |
|---|---|---|
HFMF Unlimited HFMF Managed Futures ETF | 2.76% | 2.97% |
ISMF iShares Managed Futures Active ETF | 5.75% | 6.23% |
Frequently Asked Questions
HFMF and ISMF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ISMF is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ISMF is cheaper with a 0.80% expense ratio, compared with 0.97% for HFMF.
ISMF has the higher dividend yield at 5.75%, compared with 2.76% for HFMF.
They also come from different issuers: Unlimited and iShares. Their fees differ too: 0.97% for HFMF and 0.80% for ISMF.
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